2 pages reflection paper
Moe102
HT38312PrinciplesofInventoryandPriceManagement2.pptxMaximize the number of logical room codes utilized in the property, minimize the number of rate codes utilized.
Principles of Inventory and Price Management
Chapter 7: Inventory and Price Management
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12 Principles of Inventory and Price Management
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Carefully monitor and minimize errors resulting from communication gaps between the property and its intermediary sales partners that can affect room inventories.
Principles of Inventory and Price Management
Chapter 7: Inventory and Price Management
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12 Principles of Inventory and Price Management
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Institute an aggressive upon-arrival upsell program.
Principles of Inventory and Price Management
Chapter 7: Inventory and Price Management
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12 Principles of Inventory and Price Management
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Carefully and continually monitor the impact of group contracts and contracted rooms on inventory levels.
Principles of Inventory and Price Management
Chapter 7: Inventory and Price Management
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12 Principles of Inventory and Price Management
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Avoid intentional overbooking; use payment restrictions (e.g. non-fundable advanced payment) to ensure sell-outs on high-demand dates.
Principles of Inventory and Price Management
Chapter 7: Inventory and Price Management
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12 Principles of Inventory and Price Management
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Establish rack room rate based on buyer behavior, and always sell at (e.g. never close out) the rack rate.
Principles of Inventory and Price Management
Chapter 7: Inventory and Price Management
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12 Principles of Inventory and Price Management
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Utilize sound differential pricing strategies to create multiple, but easily defensible, rack rate discounts.
Principles of Inventory and Price Management
Chapter 7: Inventory and Price Management
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12 Principles of Inventory and Price Management
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If special event rates are utilized, increase via product and service enhancements the value offered to guests to help justify the higher rates internally and externally.
Principles of Inventory and Price Management
Chapter 7: Inventory and Price Management
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12 Principles of Inventory and Price Management
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Close out discount rates aggressively and institute appropriate stay restrictions when forecasted demand is very strong.
Principles of Inventory and Price Management
Chapter 7: Inventory and Price Management
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12 Principles of Inventory and Price Management
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Implement and maintain effective training programs to ensure staff understand and can explain to guests the meanings of all room and rate codes.
Principles of Inventory and Price Management
Chapter 7: Inventory and Price Management
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12 Principles of Inventory and Price Management
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Drive rates up by continually monitoring the appropriateness of rack rates levels via competitive set analysis (a procedure you will learn to do in Chapter 9).
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Chapter 7: Inventory and Price Management
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12 Principles of Inventory and Price Management
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Minimize channel distribution costs to maximize GOPPAR.
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Chapter 7: Inventory and Price Management
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